Two city centre retail units with residential flat above
70% of rental income subject to minimum fixed increases
Close to Old George Mall Shopping Centre
Nearby occupiers include Boots Opticians, Oxfam, Barnardos and Cash Converters
Affluent South-West location
Lot 39
Auction 14th February 2013
Status Sold
Price £425,000
Sector High Street Retail
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
22 miles north-west of Southampton, 28 miles north of Bournemouth, 38 miles south-east of Bath
Roads
A36, A338
Rail
Salisbury Rail Station (83 minutes to London Waterloo)
Air
Bournemouth International Airport
Situation
The property is situated in the city centre, on the east side of Catherine Street, close to Old George Mall which houses retailers such as Marks & Spencer, BHS, Vodafone and River Island. Other nearby occupiers include Boots Opticians, Oxfam, Barnardos and Cash Converters.
Tenure
Freehold.
Location
Miles
22 miles north-west of Southampton, 28 miles north of Bournemouth, 38 miles south-east of Bath
Roads
A36, A338
Rail
Salisbury Rail Station (83 minutes to London Waterloo)
Air
Bournemouth International Airport
Situation
The property is situated in the city centre, on the east side of Catherine Street, close to Old George Mall which houses retailers such as Marks & Spencer, BHS, Vodafone and River Island. Other nearby occupiers include Boots Opticians, Oxfam, Barnardos and Cash Converters.
Tenure
Freehold.
Description
The property comprises two ground floor retail units with first floor storage accommodation and a self-contained two bedroom residential flat on the second floor.
NB. Some of the partners of Reid Rose Gregory disclose an interest in the property.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor retail units with first floor storage accommodation and a self-contained two bedroom residential flat on the second floor.
NB. Some of the partners of Reid Rose Gregory disclose an interest in the property.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
No.
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
21
Ground First
Retail/Ancillary Ancillary
102.47 sq m 117.24 sq m
(1,102 sq ft) (1,262 sq ft)
INDIVIDUALS (t/a In-Toto) (1)
14 years from 19/03/2010 until 18/03/2024 (2)
£35,000 (3)
19/03/2015 and 19/03/2020
21a
Ground
Retail
22.66 sq m
(244 sq ft)
ACCESSORY DEPOT (SALISBURY) LIMITED
6 years from 29/04/2012 until 28/04/2018 (4)
£7,000
29/04/2015
Second
Residential
Not Measured
INDIVIDUALS
12 month Assured Shorthold Tenancy (5)
£6,360
Totals
242.37 sq m
(2,608 sq ft)
£48,360
(1) In-toto is a national network, owned by Europe’s largest quality kitchen manufacturer, Alno/Wellmann, itself part owned by Whirlpool. In-toto trade from over 45 showrooms nationwide. (Source: www.intoto.co.uk 08/11/2012) (2) The lease provides a tenant option to determine on the tenth anniversary of the term. (3) For the purposes of clarification, the current rent is £32,000 p.a.x. The lease provides fixed rental increases to £34,000 p.a.x. in 2013 and is reviewed to the greater of OMRV or £35,000 p.a.x in 2015. The Seller has agreed to adjust the completion monies so that the retail unit (No.21) will effectively produce £35,000 p.a.x. from completion of the sale. (4) The lease provides a tenant option to determine on the third anniversary of the term. (5) The tenant is currently holding over.
Contacts
Associate Auctioneers
Reid Rose Gregory 1 Woodstock Street Mayfair London W1C 2AJ
